Aon Benfield's Reinsurance Market Outlook report, January 2014, headlines Reinsurers Use Competitive Strength in Underwriting. New competitive capital flows will continue to benefit reinsurance buyers in the April, June and July renewal seasons. Traditional reinsurers have responded to the 25 to 40 percent price decreases allowed by insurance-linked securities investors and collateralized reinsurance funds that occurred in 2013. Traditional reinsurers have strategically underwritten contractual features that are hard to replicate in insurance-linked securities and collateralized reinsurance and we believe this comparative strength of traditional reinsurers will continue to benefit buyers of reinsurance.

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